Apollo Pipes on Tuesday announced that its board has approved fund raining of up to Rs 259.60 crore via preferential issue of fully convertible warrants to ‘Promoter & Promoter Group’ and ‘Non-Promoter’ Category.

Share Market Live

NSE

Under the proposal, 47,20,000 fully convertible warrants each carrying a right exercisable by the Warrant holder to subscribe to one Equity Share per of face value Rs 10 per unit would be issued at a price of Rs 550, aggregating Rs 259.60 crore.

As per the regulatory filing, the company will issue up to 15 lakh warrants to promoter & promoter group Meenakshi Gupta. Apart from this, the warrants will also be issued to eight non-promoters namely Megha Gupta, Arun Agarwal, Sahil Gupta, Anubhav Gupta, Ajay Kumar Jain, Sunil Mohanty, Manoj Sharma and Dwarika Nath Panda.

Also read: LIC elevates Tablesh Pandey as managing director: All you need to know

In addition, the board appointed CARE Ratings as the as the Monitoring Agency to monitor the use of proceeds of the preferential issue.

Besides, the Board has also approved the appointment of Arun Agarwal as an additional director of Apollo Pipes with immediate effect and designated him as Joint Managing Director for a term of 3 years w.e.f. April 1, 2023.

The Board also approved re-designation of Sameer Gupta, Managing Director as Chairman & Managing Director of the company.

Also read: Meesho announces 11-day 'reset and recharge break' for all employees